Paidy Expands Series A To US$8.3 Million

TOKYO, May 14, 2015 /PRNewswire/ -- Paidy (www.paidy.com), the cardless e-commerce payment and instant credit service from Exchange Corporation K.K. ("ExCo"), today announced that it has expanded its Series A to US$8.3 million. Existing Series A lead, Arbor Ventures, led the expansion together with new investors SIG Asia and MS Capital.

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"We have experienced robust customer and retailer demand for Paidy since announcing our launch last year. The majority of all e-commerce purchases in Japan are now conducted on a mobile device, and nearly half of Japanese smartphone users purchase products on their devices as their primary method of shopping," said Russell Cummer, chief executive officer, ExCo. "This Series A expansion allows us to accelerate our product development and bolster our team."

The company is now working with leading Japanese retailers including STORES.jp, MILLEPORTE (Brands for Friends), MONOCO, CrossBorder and Fifth. STORES.jp expands Paidy's reach significantly through providing cardless checkout service to the platform's 200,000 merchants. Paidy offers their customers the option to purchase products online quickly and safely using only their mobile phone number and email address. Consumers have the flexibility to pay at one time or spread payments over installments. Using proprietary models and machine learning, Paidy is able to underwrite transactions in seconds, allowing consumers to purchase quickly, while guaranteeing payment to merchants.

Paidy also announced the appointment of a new board of directors member, Managing Director of SIG China, Tim Gong. Gong was named one of the top venture capitalists by Forbes China and brings over 20 years of FinTech management experience to Paidy's board.

About ExCo

Founded in Tokyo in 2008, Exchange Corporation ("ExCo") builds financial service platforms for Japan and Asia.  Leveraging expertise in credit- and big data- analysis technologies, ExCo strives to create simple, easy to use and rewarding customer experiences in its credit, payment and asset management services. ExCo offers two platforms: AQUSH, Japan's leading peer-to-peer exchange for consumer loans, and Paidy, a cardless e-commerce payment service for merchants that allows consumers to quickly and safely purchase products online using only their mobile phone number and email address. For more information visit www.paidy.com.

Media Contacts:

U.S. – Jonathan Cutler, JCUTLER media group, [email protected] 
Japan – Russell Cummer, ExCo, [email protected]

SOURCE Exchange Corporation

Related Links

http://www.paidy.com